Trigon Metals Inc. has amended its existing loan agreement with Horizon Corporation Limited, enabling access to an additional facility of up to N$126 million (US$7.2 million) to support ongoing operations at the Kombat Mine in Namibia.
The new funding arrangement extends the original N$70 million (US$4 million) loan previously advanced by Horizon under the same agreement.
Trigon confirmed that, under the terms of the amendment, Horizon will assume all obligations related to the new loan tranches once the transaction closes, effectively releasing Trigon from the associated debt.
“This loan amendment ensures continuity of funding at the Kombat Mine during the transition period with Horizon,” said Jed Richardson, CEO and Executive Chairman of Trigon Metals.
“The additional support allows the team in Namibia to maintain operational momentum and support our workforce while we work towards closing the transaction.”
According to Trigon, the funding will be disbursed in monthly tranches of approximately N$4.46 million (US$255,000), beginning no later than 31 July 2025.
The facility is intended to sustain mine operations and retain staff during the transitional period leading up to the proposed sale of the Kombat Mine to Horizon.
This follows an announcement made on 29 May 2025, in which Trigon confirmed it had entered into a definitive share purchase agreement with Horizon Corporation Limited and its affiliate, Kamino Minerals Limited.
Under the agreement, dated 27 May, Horizon is set to acquire Trigon’s full interest in the Kombat Project.
The transaction will be effected through the purchase of all shares in Trigon Ontario and PNT Financeco Corp., which collectively hold Trigon’s Namibian assets.
Horizon will also assume the intercompany loan owed by PNT to Trigon. The agreement was finalised following the signing of a binding term sheet and the completion of due diligence by both parties.
